Deutsche Bank - "After posting a significant net M&A outflow of nearly USD -50bn in 2013, the US has begun the New Year with inflows accelerating sharply. They reached nearly USD 12bn over the last month alone. In contrast, M&A outflows appear to be picking up again out of Japan, with nearly USD 10bn of outflows seen in the last three months, nearly a third of all of 2013’s outflows. While Japan saw the second largest outflows of any G10 economy last year (after the US), they were still a third of those seen in 2012. The latest data suggests that negative FDI dynamics for the yen may be picking up again.UK and Canada saw moderate outflows on 3-month basis of USD-3bn and USD-6bn respectively. The volume of M&A flows in Canada had surged in 2013 with almost USD-20bn of outflows versus the previous year’s USD-0.7bn. M&A flows were not so prominent elsewhere. The Eurozone, which saw the highest M&A inflows last year of more than USD50bn, received only USD 3bn of inflows over the last 3 months."